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Question: Have you made money by gambiling on satoshi dice?
Yes - 36 (29.3%)
No - 49 (39.8%)
Haven't played - 38 (30.9%)
Total Voters: 123

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Author Topic: Have you made money by gambling on satoshi dice?  (Read 3918 times)
dooglus
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May 01, 2013, 01:21:39 AM
 #21

Yes, of course it's possible to win. That's obvious, and that's exactly the reason why "not so smart" people get sucked in and lose what they cannot afford to.

SatoshiDice is up 3,760 BTC (over $400,000) just over the month of April 2013.  That's an unusually bad month for them too.

Clearly the house wins in the long run.

I post charts of SatoshiDice's profit each day, here:
  https://bitcointalk.org/index.php?topic=80312.msg1990399#msg1990399

Just-Dice                 ██             
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   Play or Invest                 ██             
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   1% House Edge
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keatonatron
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Jack of oh so many trades.


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May 01, 2013, 03:09:28 AM
 #22



How do your profits go back in time???


1KEATSvAhbB7yj2baLB5xkyJSnkfqPGAqk
WGates
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May 02, 2013, 02:53:17 AM
 #23

I have won over 9 bitcoin in 72 hours using new progressive betting system I wrote 3 days ago. Minimum bet is .0125. Started with 4 and now over 13 at the moment. Here are the results:

https://blockchain.info/charts/balance?address=1KGBhwojYViF3rL7x85rmoQve7ohwaGgo9

Will keep tweaking and testing variation in Excel... hope it sustains the win rate!

I know the house has an edge... But we'll see if proper money management can lock up my profits



I am now up to 20 BTC in a few days from 4 BTC.... up $1800
pheaonix
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May 02, 2013, 07:50:28 AM
 #24



How do your profits go back in time???



https://www.youtube.com/watch?v=SfPLcQhXpCc

BTC.sx - Leveraged Bitcoin Trading. Simply use Bitcoin to take advantage of a rising or falling Bitcoin price.
bennybong
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May 02, 2013, 12:39:17 PM
 #25

Made money and then lost it all.  The trick is to play, win, and STOP lol

If only I knew lol  Wink

Yeah I've won quite a bit, lost quite a bit. I was stupid to be 'playing' during the massive spike recently... 0.1 BTC was lot to bet at the time, over and over. However I'm about break even at the end of the day...
dooglus
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May 02, 2013, 06:58:02 PM
 #26

How do your profits go back in time???

How do you win at satoshidice if you don't have a time machine?

But seriously, since Bitcoin is distributed, and trusts in no central authority at all, the network doesn't know what time it is.  We can't rely on a central time server to tell us.  So the nodes tell each other what time they think it is, and each node works out how 'wrong' its own clock is based on how different it if from the times as reported by the nodes it talks to.

When a new block is received, we don't throw it away if its timestamp is earlier than the timestamp of the previous block.  Maybe the previous block's timestamp was wrong, and the new block's is right.  So what happens is we look back about 11 blocks, and look back 1 block, and take the average of those two timestamps.  If the new block's timestamp is later than that average, it's accepted.  This means that sometimes a block's timestamp is older than the previous block's timestamp, which is probably what you're seeing in the graph.

Just-Dice                 ██             
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    ██████████████████████   
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   Play or Invest                 ██             
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  ██████████████████████████ 
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    ██████████████████████   
        ██████████████       
            ██████           
   1% House Edge
CasinoBit
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May 02, 2013, 08:19:56 PM
 #27

I have bet about 2BTC back at their early days, they deserve their success despite their downsides.  Wink
ondratra
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May 24, 2013, 09:45:55 AM
 #28

Made money and then lost it all.  The trick is to play, win, and STOP lol

Exactly! Cheesy i lost 4 BTC a six months ago on satoshi dice (that time all i had was 5 BTC - serious loss Sad )
These days a played a bit on primedice.com (very nice service btw) and won some BTC Tongue

But seriously about gambling:
you can win on such sites only with strategy Bitcoinm was talking about. If you will keep playing for too long, eventually you will lose everything (and yes 12 losses with 50% probability looks almost impossible, but more you play, the closer this situation is Cheesy )


GAMBLE ONLY AS MUCH COINS AS YOU CAN LOSE WITHOUT ACCUSATIONS.
luv2drnkbr
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May 24, 2013, 09:50:35 AM
 #29

How do your profits go back in time???

How do you win at satoshidice if you don't have a time machine?

But seriously, since Bitcoin is distributed, and trusts in no central authority at all, the network doesn't know what time it is.  We can't rely on a central time server to tell us.  So the nodes tell each other what time they think it is, and each node works out how 'wrong' its own clock is based on how different it if from the times as reported by the nodes it talks to.

When a new block is received, we don't throw it away if its timestamp is earlier than the timestamp of the previous block.  Maybe the previous block's timestamp was wrong, and the new block's is right.  So what happens is we look back about 11 blocks, and look back 1 block, and take the average of those two timestamps.  If the new block's timestamp is later than that average, it's accepted.  This means that sometimes a block's timestamp is older than the previous block's timestamp, which is probably what you're seeing in the graph.

there is a logical clock protocol to fix this

Zaih
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May 24, 2013, 09:56:54 AM
 #30

Made money and then lost it all.  The trick is to play, win, and STOP lol

Exactly! Cheesy i lost 4 BTC a six months ago on satoshi dice (that time all i had was 5 BTC - serious loss Sad )
These days a played a bit on primedice.com (very nice service btw) and won some BTC Tongue

But seriously about gambling:
you can win on such sites only with strategy Bitcoinm was talking about. If you will keep playing for too long, eventually you will lose everything (and yes 12 losses with 50% probability looks almost impossible, but more you play, the closer this situation is Cheesy )


GAMBLE ONLY AS MUCH COINS AS YOU CAN LOSE WITHOUT ACCUSATIONS.

Gambling should always be for fun Smiley And fun should never lead to you losing more than will make you upset. And yup, when your upset you make accusations Cheesy
b!z
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June 18, 2013, 02:04:41 AM
 #31

Made money and then lost it all.  The trick is to play, win, and STOP lol

Exactly! Cheesy i lost 4 BTC a six months ago on satoshi dice (that time all i had was 5 BTC - serious loss Sad )
These days a played a bit on primedice.com (very nice service btw) and won some BTC Tongue

But seriously about gambling:
you can win on such sites only with strategy Bitcoinm was talking about. If you will keep playing for too long, eventually you will lose everything (and yes 12 losses with 50% probability looks almost impossible, but more you play, the closer this situation is Cheesy )


GAMBLE ONLY AS MUCH COINS AS YOU CAN LOSE WITHOUT ACCUSATIONS.

I don't like primedice, I've never won anything, ever.
I know it's supposed to be "provably fair", but I've lost their free rolls during the promotion (50% game, even 75% games) maybe 25+ times and lost my own coins 10+ times too without ever winning.
gabu69
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June 24, 2013, 06:54:09 PM
 #32

DON'T PLAY THIS GAME ffs

it's pure negative EXPECTED VALUE

the expected value ranges from -1.938 up to -4%

http://anonymouse.org/cgi-bin/anon-www.cgi/http://img33.imageshack.us/img33/3852/9e7v.jpg

so at the end if you really want to bet go for the one with .91 prob to win and retire while you are ahead



either way house will always win in the long run, no matter if you win, the repeated experiment considering thousands of people playing the game, house will win !!!



GENIUS SATOSHIDICE  Grin
RogerK
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September 14, 2013, 02:41:33 AM
 #33

If the house wouldnt win in the long run it  would loose money. Every Casino game is -EV. Always. Else the Casino would go Bankrupt. The only thing that CAN happen is that the house will have a really bad streak, that CAN happen if the investments get really big...

If someone would bet insane amounts on low Probability bets and wins, Satoshi could go broke by that



Nvm i just see that there are maximum amounts on the low probability ones..
monbux
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September 14, 2013, 03:04:51 AM
 #34

If the house wouldnt win in the long run it  would loose money. Every Casino game is -EV. Always. Else the Casino would go Bankrupt. The only thing that CAN happen is that the house will have a really bad streak, that CAN happen if the investments get really big...

When that happens, they hire the mafia to take you out  Roll Eyes

b!z
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September 15, 2013, 04:47:52 AM
 #35

satoshi dice is boring + slow, i only tried it once or twice (and won)
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September 15, 2013, 06:36:43 AM
 #36

lost more than 1 btc.
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September 15, 2013, 06:46:20 AM
 #37

Didnt play satoshi dice but only won on other sites. Im very lucky.

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September 15, 2013, 10:25:26 AM
 #38

 i had tried..play for fun only


b!z
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September 15, 2013, 12:03:20 PM
 #39

DON'T PLAY THIS GAME ffs

it's pure negative EXPECTED VALUE

the expected value ranges from -1.938 up to -4%



so at the end if you really want to bet go for the one with .91 prob to win and retire while you are ahead



either way house will always win in the long run, no matter if you win, the repeated experiment considering thousands of people playing the game, house will win !!!



GENIUS SATOSHIDICE  Grin

show me which gambling games have positive ev? lol
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September 15, 2013, 11:22:33 PM
 #40

Personally, I've never played there Tongue.

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